) has raised its quarterly dividend by a penny or 11% to 10 cents
per share. The increased dividend is payable on May 1, 2013 to
shareholders of record as of Apr 4, 2013.
The dividend increase comes after 10 years. From Dec 2003,
Glatfelter has been maintaining its quarterly dividend of 9 cents
per share. Current annualized dividend yield of Glatfelter is
1.96%. The raised dividend will increase the yield to 2.18%.
The hike in dividend can be attributed to the company's strong
balance sheet position. It demonstrates the company's continuing
focus on healthy free cash flow generation and returning value to
For the full year, Glatfelter's net sales edged down 1.6% year
over year to $1,577.8 million, missing the Zacks Consensus
Estimate of $1,581 million. Glatfelter exited 2012 with cash and
cash equivalent of $97.7 million, a two-and-a-half fold increase
annually. Total debt rose 10% year over year to $250 million.
Glatfelter expects to benefit from its ongoing growth
initiatives. The company said that it anticipates shipping volume
for Specialty Papers in first-quarter 2013 to be in line with the
fourth quarter level. For both Composite Fibers and Advanced
Airlaid Materials businesses, it expects shipping volumes to be
5% higher sequentially in the first quarter.
Glatfelter makes specialty papers and fiber-based engineered
materials. Its offerings include security papers, book publishing
papers, envelopes, converting papers, shopping bags, food and
beverage paper, metalized products, composite laminate papers and
feminine hygiene products.
Glatfelter currently retains a Zacks Rank #4 (Sell).
International Paper Company
Fibria Celulose SA
Clearwater Paper Corporation
) also belong to the diversified paper industry. Each of them
holds a Zacks Rank #2 (Buy).
CLEARWATER PAPR (CLW): Free Stock Analysis
FIBRIA CELULOSE (FBR): Free Stock Analysis
GLATFELTER (GLT): Free Stock Analysis Report
INTL PAPER (IP): Free Stock Analysis Report
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